International Organizations The Politics And Processes Of Global Governance Pdf

[Giovanni Sealy]

3We will work with our international partners to achieve a world that is human-centered, inclusive and resilient, leaving no one behind. In that spirit, we welcomed the participation of the Leaders of Australia, Brazil, Comoros, Cook Islands, India, Indonesia, Republic of Korea, and Vietnam.

8. We will continue to closely monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system. We reaffirm that our financial system is resilient, supported by the financial regulatory reforms implemented after the 2008 global financial crisis. We strongly support the work of the Financial Stability Board (FSB) and standard-setting bodies on enhancing the resilience of non-bank financial intermediation. We will continue policy deliberation on digital money to harness the benefits of innovation such as payment efficiency as well as financial inclusion while addressing potential risks to the stability, resilience and integrity of the monetary and financial system. Effective monitoring, regulation and oversight are critical to addressing financial stability and integrity risks posed by crypto-asset activities and markets and to avoid regulatory arbitrage, while supporting responsible innovation.

9. We re-emphasize our strong political commitment towards the swift global implementation of the OECD/G20 Inclusive Framework Two-Pillar Solution to address the tax challenges arising from globalization and the digitalization of the economy and to establish a more stable and fairer international tax system. We recognize significant progress in the negotiation of the Pillar 1 Multilateral Convention (MLC) and reaffirm our commitment to the swift completion of the negotiation so that the MLC can be ready for signature within the agreed timeline. We welcome the progresses in domestic legislation toward the implementation of Pillar 2. We will further provide developing countries with support for strengthening their tax capacity to build sustainable tax revenue sources, highlighting the importance of assistance for the implementation of the Two-Pillar Solution.

11, We are determined to take on a leading role in reversing the setback of progress towards the SDGs. Recognizing that 2023 is the halfway point to achieve the SDGs, we highlight the importance of the SDG Summit in September and will ambitiously contribute to a successful outcome. We reaffirm our commitment to revitalizing international cooperation and strengthen multilateralism. We will accelerate the implementation of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda (AAAA), and will do so in a comprehensive and gender-transformative manner including through locally-led development. We will also promote the concept of human security in the new era aiming to realize a society that leaves no one behind. We stress the critical role of development cooperation and international partnerships in addressing global challenges and the need to engage with international partners in solidarity. We also call for further domestic resource mobilization and efficient use of existing resources as well as mobilizing private financial assets to address financing gaps for sustainable development. We underscore the need for continued efforts to scale up official development assistance (ODA) and expand its catalytic use including through innovative financing mechanisms, recognizing the importance of respective commitments, such as the 0.7% ODA/GNI target that some countries adopted.

14. We stress the importance of narrowing the infrastructure investment gap in low and middle income partner countries, including by delivering financing for quality infrastructure, supporting efforts to advance policy reforms needed to attract investment, operationalizing country-led partnerships, and promoting upstream support including project preparation support. We reaffirm our shared commitment to the G7 Partnership for Global Infrastructure and Investment (PGII) and to working together and aiming to mobilize up to $600 billion by 2027.We will continue strengthening global partnerships for public and private investments in sustainable, inclusive, resilient and quality infrastructure with partner countries. We will mobilize the private sector for accelerated action to this end. Our offer is fair and transparent and aims at accelerating global sustainable development with the focus on delivering impact at local level. We welcome the Factsheet on PGII that demonstrates how the G7 and partners have made concrete progress in fostering investments that will create lasting positive impacts and promote sustainable development. We reiterate our support to the G20 Compact with Africa as a key framework to enhance the business environment in Africa and call on reform-oriented partners to join and strengthen this initiative.

17. We emphasize the transformative power of cities worldwide as drivers for every aspect of sustainable development. We will continue our cooperation on sustainable urban development and task our relevant Ministers to consider the development of principles on carbon neutral, resilient and inclusive cities and on the digitalization in cities, and to accelerate the use of data and technologies for cities. This work will support exchanges with our global partners, whose cities face some of the most significant challenges relating to climate change.

22. We commit to realizing the transformation of the economic and social system towards net-zero, circular, climate-resilient, pollution-free and nature-positive economies and to halting and reversing biodiversity loss by 2030, in an integrated manner, while ensuring sustainable and inclusive economic growth and development and enhancing the resilience of our economies. Highlighting that enhancing resource efficiency and circularity along value chains reduces primary resource use and contributes to achieving our climate and other environmental goals, we encourage stakeholders and in particular businesses to strengthen their action. Thus, we endorse the Circular Economy and Resource Efficiency Principles (CEREP). We will increase domestic and international environmentally-sound, sustainable and efficient recovery and recycling of critical minerals and raw materials and other applicable materials while increasing circularity along the supply chains. We reaffirm that management and governance of water-related ecosystems are essential for all life on earth. We are actively engaging in relevant international fora including following up on the UN Water Conference successfully held this year.

23. Building on the G7 Ocean Deal, we commit to act towards realizing clean, healthy and productive oceans. We reaffirm our commitment to end illegal, unreported and unregulated (IUU) fishing and will take further actions to address this phenomenon in all its dimensions, including supporting developing countries and strengthening policy coordination among our relevant agencies and task them to take stock of their progress on this issue by the end of this year. In particular, we encourage non-parties to the Food and Agriculture Organization (FAO) Agreement on Port State Measures (PSMA) to join for further global acceptance and effective implementation of the PSMA. We welcome the conclusion of the negotiations for an international legally binding instrument under the UN Convention on the Law of the Sea (UNCLOS) on the conservation and sustainable use of marine biological diversity of areas beyond national jurisdiction (BBNJ) and call for its rapid entry into force and implementation. We will continue to actively engage in the development of a regulatory framework on deep seabed mineral exploitation under the International Seabed Authority (ISA) that ensures effective protection for the marine environment from harmful effects which may arise from such activities, as required under the UNCLOS. We are committed to end plastic pollution, with the ambition to reduce additional plastic pollution to zero by 2040. With this in mind, we are determined to continue and step up our actions based on the comprehensive life cycle approach. We support the Intergovernmental Negotiating Committee (INC) process, look forward to the next round of negotiation in Paris with a view to completing its work with an international legally binding instrument covering the whole life cycle of plastics by the end of 2024 and call for ambitious outcomes. We will make as much progress as possible on these issues and on the broader agenda of ocean protection by the UN Ocean Conference in 2025.

27. Emphasizing that the global climate and energy crisis highlights the urgent need to accelerate the clean energy transition towards achieving net-zero emissions no later than 2050 and to transform our energy systems, we underline the necessity of economic diversification and transformation, including in supply chains. In order to further promote clean energy transitions on a global scale, we are determined to increase our efforts and, in particular, will pursue secure, resilient, affordable, and sustainable clean energy supply chains, including those for critical minerals and clean energy technologies. In implementing energy transitions, we also reaffirm the importance of working collectively to avoid market distortions and ensuring a global level playing field. We will continue to work with international partners to realize a clean energy economy through concrete actions as laid out in the Clean Energy Economy Action Plan.

40. We support the development of advanced technologies, research infrastructures and highly-skilled human resource networks that will drive innovation to solve global challenges and enable the next stage of economic growth. To this end, we promote international talent mobility and circulation. The G7 will promote open science by equitably disseminating scientific knowledge, publicly funded research outputs including research data and scholarly publications following the Findable, Accessible, Interoperable, and Reusable (FAIR) principles. This will enable researchers and people to benefit from and contribute to creating knowledge, innovation and solutions to global challenges. We further commit to working together to promote responsible global science and technology cooperation and use of emerging technologies such as advanced computing and biotechnology with partners sharing common values and principles in research and innovation. This includes a better understanding of the seas and the ocean in the context of climate change and utilizing very large research infrastructures. We are committed to fostering and promoting a common understanding of values and principles in research and innovation through dedicated multilateral dialogues, including in the area of research security and research integrity, and international joint research based on the philosophy of open science. We welcome the forthcoming launch of the G7 Virtual Academy and release of the Best Practices Paper on Research Security and Integrity. These efforts will contribute to addressing the various challenges that arise at the intersection of security, economy, and scientific research.

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